NSW New Units or OTP in your area

Discussion in 'Where to Buy' started by trinity168, 15th Oct, 2015.

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  1. Simon Hampel

    Simon Hampel Founder Staff Member

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    Most of Artarmon's units are older and in need of renovation (which might suit some strategies). Certainly not the same as the shiny new Meriton ones in nearby suburbs.

    St Leonards skyline is changing rapidly, and once they manage to sell off some of the RNSH grounds, there will be even more development there. Expect a large amount of development south of the highway too.

    Every so often there is noise about selling off the airspace above Artarmon railway station - but I doubt that's going to happen any time soon (locals would be chaining themselves to bulldozers!).

    We might see some rezoning of the small dead-end streets along the eastern side of the railway line between Brand St and Mowbray Rd (between the railway line and Elizabeth Street) - I think that area is prime for redevelopment.

    Houses in Artarmon should top $3m soon :eek:
     
    Simon Hampel, 16th Oct, 2015
    #21
  2. EN710

    EN710 Well-Known Member

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    A saw several Lamborghini, sometimes with different colours/ shine/ matte.
    Hindsight is a sad thing too... oh if only I have bought, I could half retire now o_O
     
    EN710, 16th Oct, 2015
    #22
  3. larrylarry

    larrylarry Well-Known Member

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    @Simon Hampel you're local? There's always demand in areas around chatswood. My friend went to auctions for old apartments and they were well above 800k. Demand is there. Again depending on strategies, apartments may or not be attractive.
     
    larrylarry, 16th Oct, 2015
    #23
  4. larrylarry

    larrylarry Well-Known Member

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    What's the deal with matte? anyway I'm not into automobiles.
     
    larrylarry, 16th Oct, 2015
    #24
  5. EN710

    EN710 Well-Known Member

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    Not sure, apart from when it's black it looks pretty nice... on lamborghini. Like batman car.
    Not into car either, just kept pointed to it when I'm walking with hubby. The types of car you see around kinda tell you the demographic of people who lives in the area.
     
    EN710, 16th Oct, 2015
    #25
  6. larrylarry

    larrylarry Well-Known Member

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    It does and I see more and more luxury cars in my burb. My 13 yo corolla is still my pride and joy.
     
    larrylarry, 16th Oct, 2015
    #26
  7. Simon Hampel

    Simon Hampel Founder Staff Member

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    I'm in Artarmon (east of the railway line).

    Yes, given the commercial/residential hub that Chatswood has now become and the fact that there are actually restaurants there open after 6pm now (!!), Chatswood is very much in demand.

    Lots of people living in the apartment blocks won't own cars - they can walk to all the shopping they need, or catch a train to the city or Macquarie shopping centre (we catch the train from Artarmon to Macquarie quite a bit).

    Students can easily commute to Macquarie uni or into the city, workers can easily get to the city or North Sydney or North Ryde on the train.

    Just don't try and drive anywhere on the weekend!!

    Only short term issue will be the redevelopment of the Chatswood-Epping rail link as part of the North West Rail Link ... that will cause huge disruption for people currently commuting to Ryde/Macquarie over the next few years.

    St Leonards is also very much in demand for similar reasons - close to the Crows Nest cafe district, lots of commercial development in the St Leonards area too - close to the hospital - close to North Sydney, City and Chatwood on the train - still easy to get to Macquarie/North Ryde too.

    I think it will take a while for the demand for apartments in this area to be soaked up ... the biggest issue for this area (IMO) is schools - they are all very overcrowded already and even with the school redevelopments already done at Chatswood Public, started at Mowbray Public and about to commence at Artarmon Public ... there's simply not enough capacity in local schools to handle the huge influx of population into the area.

    The big question will be where the new rail link will go - suggestions are that they might take the line from Chatswood to St Leonards with a new stop in the Artarmon industrial area (good idea I think), but other suggestions are for it to go through Crows Nest (which would see a massive amount of new development in that area IMO).

    They are already starting to do exploratory drilling in the area a long way from the existing rail corridor to develop a profile of the area and find likely paths for the rail link.
     
    Simon Hampel, 16th Oct, 2015
    #27
  8. larrylarry

    larrylarry Well-Known Member

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    I agree and yes the schools are overcrowded. Surely this has to be looked at sooner than later. Entry point is too high for me unfortunately.
     
    larrylarry, 16th Oct, 2015
    #28
  9. MGF

    MGF Well-Known Member

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    There was a big build of tourist apartments/resorts in my area a number of years ago. Many are still vacant, investors trying to sell, that sort of thing. I think it has put a serious stoppage on any further development in the area which is a shame because there is a lack of good apartments available.

    We have resort apartments (living with tourists all the time), terrible apartments and then big houses.
     
    MGF, 16th Oct, 2015
    #29
  10. Simon Hampel

    Simon Hampel Founder Staff Member

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    From the sound of it, you are in a regional area near the beach? Very susceptible to huge market swings with over-development followed by vacancy issues. People buy for emotional reasons but the fundamentals aren't there to support the volume of development or the prices being asked.
     
    Simon Hampel, 16th Oct, 2015
    #30
  11. MGF

    MGF Well-Known Member

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    Yes, we are.

    A friend of ours is a former real estate agent. She broke down the buyers here as: locals, retiring southerners who mostly overpay and out of state investors (some of whom don't do their homework).

    The prices are a lot cheaper than a capital city so when you first arrive you're kind of stunned by it. A three bedroom home with polished wood floors, an established yard five minutes walk to the beach and they only want $320K for it? Then you learn the areas and the market and discover that's a bit high. Then you find the rental market is sluggish.

    Definitely a lot of holiday apartments by the beach but no local wants to live in them because most of the neighbouring units are tourist rentals.
     
    MGF, 16th Oct, 2015
    #31
  12. Chilliblue

    Chilliblue Well-Known Member

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    There will be a section of Epping Rd near Bridge street that will be partially widened otherwise this current NSW Government's stance for this region is and I quote:

    "Let the developers do their thing and then we can see what we need".

    Great piece of governing. The local schools are all at capacity, the police station at Eastwood has is under resourced and according to NSW Planners, the majority of people they believe will live in the 2 bedroom apartments in Carlingford, Epping, Ryde and adjoining areas will all be single and have no vehicles.
     
    Chilliblue, 16th Oct, 2015
    #32
  13. larrylarry

    larrylarry Well-Known Member

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    !!!
     
    larrylarry, 16th Oct, 2015
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  14. RM1827

    RM1827 Well-Known Member

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    Asquith and Hornsby area a lot of new developments coming up too... A lot of houses selling to developers...
     
    RM1827, 16th Oct, 2015
    #34
  15. Tranquilo

    Tranquilo Well-Known Member

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    Going up every where around Mascot. 1 brms OTP starting over 700. You can't move around here at 5pm. Interesting to see what type of correction we'll see here in the next 18months.
     
    Tranquilo, 16th Oct, 2015
    #35
  16. GreatPig

    GreatPig Well-Known Member

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    A number of blocks of units going up around Lidcombe station now. The area is getting much busier than it was. Used to have no trouble parking outside the post office to collect mail, now parking is becoming a nightmare. The council's solution to that was to change the parking building from free parking to paid parking...

    According to a staff member at the local Dooleys club the other day, the club is expecting another 2000 members over the next few years and has expansion plans to suit.

    GP
     
    GreatPig, 18th Oct, 2015
    #36
  17. larrylarry

    larrylarry Well-Known Member

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    Lidcombe, mascot, Epping, chatswood West and others are going crazy with development. I think there may be some bargains down the track. I drove to carlingford court yesterday and there were so many new apartments up for lease.
     
    larrylarry, 18th Oct, 2015
    #37
  18. trinity168

    trinity168 Well-Known Member

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    Rent discrepancies for old and new unit. New 2 bedders along Herring Road, very short walking distance to Macquarie centre and station @ 730/week vs. an older unit, perhaps 15 min walk @ 400/week.
    See what happens to the rental market as well when all those other units complete.

    @larrylarry, carlingford road seems like a nightmare during the work week!
     

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    trinity168, 18th Oct, 2015
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  19. larrylarry

    larrylarry Well-Known Member

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    $730 pw for 2 bedder. Gobsmacked.
     
    larrylarry, 18th Oct, 2015
    #39
  20. trinity168

    trinity168 Well-Known Member

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    Am guessing a slight cyclical nature bec of university student rental, hence rise in vacancy during Dec - Jan period.
     

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    trinity168, 18th Oct, 2015
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